House prices going up??

[Blue Flu]

I've been very active in keeping up to date with the housing markets over recent times. Really need to leave the area i live for reasons well aired on this forum. The problem being everything is either so over inflated, so bad in location or/and quality or/and similar suspected activity to what now endure. It is insane. I do not want, through haste make a bad situation worse , better stay put . 

I am not confining my search to Perth, but while would not any longer seek out south of the state, have been looking at Adelaide, Cairns a quick look at Tasmania, as well as Sunshine Coast and a few others, all remains highly inflated .

I note Sydney and Melbourne are among the most unaffordable world cities now, rated with Hong Kong and Vancouver and Auckland and even Adelaide came in at 17th from memory. 

 

[rammygirl]

Yeah stupid prices everywhere! A house near us just sold for $995k pre COVID it would have struggled to reach $700, was sold really quickly too. All seem to be selling way above estimates and before auction.

[Blue Flu]

It is incredibly irresponsible for government to have allowed this situation to have come about. It will be incredibly difficult to unravel and bringing on great pain for the future. Not only pain, but declining standards of living, ever more forced into 'alternative' ways to increase income. Greater societal division, corruption, illness , family issues over inheritance and a host of other less than desirable outcomes. 

Thing is, there appears a complete cluelessness, by those in charge to take action to rectify the situation. 

[Parley]

40 minutes ago, Blue Flu said:

It is incredibly irresponsible for government to have allowed this situation to have come about. It will be incredibly difficult to unravel and bringing on great pain for the future. Not only pain, but declining standards of living, ever more forced into 'alternative' ways to increase income. Greater societal division, corruption, illness , family issues over inheritance and a host of other less than desirable outcomes. 

Thing is, there appears a complete cluelessness, by those in charge to take action to rectify the situation. 

Hardly an Australian issue. All major cities have rising prices. https://www.globalpropertyguide.com/most-expensive-cities

What is your solution raise interest rates in a global pandemic?

[Blue Flu]

23 minutes ago, Parley said:

Hardly an Australian issue. All major cities have rising prices. https://www.globalpropertyguide.com/most-expensive-cities

What is your solution raise interest rates in a global pandemic?

The unaffordability in price inflation has impacted Australian cities severely. The global indicator to expensive cities is something else. It's been a very long time since global cities like London or New York were called cheap. Zurich never has been. But they have some very high earners. 

What has happened is the inflated prices and unaffordability has impacted Australian cities severely. Especially Sydney now in the top ranks after Hong Kong, along with Melbourne and places like Vancouver. This does not suggest they are the most expensive in the world , just that housing inflation has become most unaffordable.

But it is true that cities everywhere are increasingly becoming out of reach of ever more people. We are in trouble globally,  the system has let many down. 

Edited October 18, 2021 by Blue Flu